Aquafeed Market Analysis and Global Forecast 2023-2033

Aquafeed Market Overview

Aquafeed Market Size is expected to reach USD 89.74 Billion by 2033. The Aquafeed industry size accounted for USD 59.41 Billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 5.59% from 2023 to 2033. The Aquafeed Market refers to the commercial production and sale of specialized feed for aquatic animals raised in aquaculture, such as fish, prawns, mollusks, and crabs. This market has experienced significant growth due to the increasing demand for seafood products and the depletion of wild fish stocks. Aquafeed plays a crucial role in aquaculture by providing essential nutrients for the immune system, growth, and overall health of aquatic organisms. High-quality aquafeed is tailored to meet the specific nutritional requirements of different species and age groups, contributing to their optimal development. Factors like the rise in direct human consumption of fish, government initiatives promoting high-quality feed usage, and increasing per capita income in developing nations are driving the growth of the aquafeed industry.

Global Aquafeed Market Synopsis

COVID-19 Impact Analysis

The Aquafeed market experienced a detrimental effect due to the Covid-19 pandemic. Due to supply chain disruptions brought on by the COVID-19 epidemic, there are either shortages or decreased demand in the aquafeed sector. Spending by consumers and businesses has decreased significantly as a result of the travel restrictions and social distancing measures, and this trend is expected to persist for some time. The epidemic has altered end-user trends and tastes, leading manufacturers, developers, and service providers to implement several measures in an attempt to stabilize their businesses.

Global Aquafeed Market Dynamics

The major factors that have impacted the growth of Aquafeed are as follows:

Drivers:

⮚      Technological Advancements in Aquafeed Production

Ongoing research and development in feed formulation and processing technologies have led to the production of more efficient and nutritious aquafeeds. Innovations such as functional feed additives, improved feed conversion ratios, and alternative protein sources contribute to the growth and efficiency of the aquafeed market.

Restraint:

• Biosecurity Risks and Disease Outbreaks

Aquaculture operations are susceptible to biosecurity risks such as the introduction and spread of pathogens, parasites, and diseases, which can cause significant losses in farmed fish and shrimp populations. Poor feed quality, contamination, and improper feed management practices can contribute to disease outbreaks and compromised animal health and welfare. Feed manufacturers must adhere to strict quality control measures, hygiene standards, and traceability protocols to minimize the risk of disease transmission through feed and ensure product safety and integrity.

Opportunity:

⮚      Expansion of Aquaculture Production

With the increasing global demand for seafood products and the depletion of wild fish stocks, aquaculture presents a significant opportunity for meeting protein needs sustainably. As aquaculture production continues to expand to satisfy this demand, the demand for high-quality aquafeed is expected to rise correspondingly. This growth trajectory offers opportunities for feed manufacturers to scale up production and develop tailored feed solutions for diverse aquatic species and production systems.

Aquafeed Market Segment Overview

By Form

Based on the Form, the market is segmented based on Dry, Wet, Moist and Others. The product’s dry form brought in a sizable portion of revenue in 2020, and the market is anticipated to expand significantly over the course of the projection year. Because pellet feed has the ability to increase fish feed conversion ratios, the aquaculture industry worldwide has a strong need for it. The increasing acceptability of dry fish feed is due to its exceptional palatability and effectiveness in improving fish performance.

By Lifecycle

Based on Lifecycle, the market has been divided into Starter feed, Grower feed, Finisher feed, Brooder feed and Others These segments cater to the specific nutritional needs of different aquatic species at various stages of their life cycles, ensuring optimal growth, health, and development.

By Application

Based on the Application, the market has been divided into Carp, Rainbow Trout, Salmon, Crustaceans, Tilapia, Catfish, Seabass and Others. In 2022, the carp application segment held a dominant position in the global industry, contributing approximately 25.00% of the total revenue. Due to the fact that this species enhances heart health, lowers the risk of chronic diseases, increases immunity, protects gastrointestinal processes, and promotes general health, it has a substantial share in this market.

 

By Ingredient

Based on Ingredient, the market has been divided into Animal By-product, Grain By-Product, Oils & Fats, Additives and Others. One of the best and least expensive non-fish sources of omega-3 fatty acids and protein is soybean. It is now frequently used in feed preparation to improve the general growth and development of aquatic species. It is projected that the industry’s need for soybeans will rise as a result of the growing use of soybean meal and cake in the production of organic feed.

Global Aquafeed Market Regional Analysis

Based on region, the market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The area of Asia-Pacific is anticipated to dominate the market for the usage of Blister Packaging, followed by those in North America and Europe.

Asia-Pacific Market

The Asia-Pacific region holds a dominant position in the Aquafeed market. Currently a major aquafeed market, Asia Pacific is anticipated to keep a sizeable share of the worldwide market share during the course of the projection year. Over the past ten years, the Asia Pacific market has expanded quickly, with China and India accounting for more than half of the region’s sales. Because of the remarkable development in the rate of fish production, the demand for this feed in China and India is anticipated to continue to be promising in the approaching years. Consequently, a number of significant global market participants are growing their operations in China and India.

North America Market

The North America region is witnessing rapid growth and emerging as a significant market for the Aquafeed industry.

The rising aquaculture production due to increasing seafood demand and growing inclination towards salmon production will propel the growth of the market in Europe. North America is predicted to witness considerable growth in the global market.

Competitive Landscape

The competitive landscape includes key players (tier 1, tier 2, and local) having a presence across the globe. Companies such as Alltech, BioMar, Ridley Corporation, Beneo, and Cermaq are some of the leading players in the global Aquafeed Industry. These players have adopted partnership, acquisition, expansion, and new product development, among others as their key strategies.

Key Market Players:

• Alltech
• BioMar
• Ridley Corporation
• Beneo
• Cermaq
• Norel Animal Nutrition
• Biomin Holding
• Archer Daniels Midland
• Calanus
• Avanti Feeds Ltd.

Key Development:

December 2019–Archer Daniels Midland Company inaugurated its new animal nutrition technology center. The company is focusing on the production of feed ingredients and nutritional products for aquaculture. The new center will support the company in expanding its footprint in the global market.

February 2019 – Archer Daniels Midland Company announced the complete acquisition of Neovia. This acquisition is predicted to offer a strong platform for Archer Daniels Midland company’s future growth.

Scope of the Report

Global Aquafeed Market, by Form

• Dry
• Wet
• Moist
• Others

Global Aquafeed Market, by Lifecycle

• Starter feed
• Grower feed
• Finisher feed
• Brooder feed
• Others

Global Aquafeed Market, by Application

• Carp
• Rainbow Trout
• Salmon
• Crustaceans
• Tilapia
• Catfish
• Seabass
• Others

Global Aquafeed Market, by Ingredient

• Animal By-product
• Grain By-Product
• Oils & Fats
• Additives
• Others

Global Aquafeed Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2033: $89.74 Billion
CAGR	5.59% CAGR (2023-2033)
Base year	2022
Forecast Period	2023-2033
Historical Data	2021
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Ingredients, Additive, Life Cycle, Application
Geographies Covered	North America, Europe, Asia-Pacific, Latin America, Middle East, Africa
Key Vendors	Alltech, BioMar, Ridley Corporation, Beneo, Cermaq, Norel Animal Nutrition, Biomin Holding, Archer Daniels Midland, Calanus, Avanti Feeds Ltd.
Key Market Opportunities	Rising consumption of fish, followed by massive growth of processed seafood, is significantly driving the growth of the market
Key Market Drivers	Globalization of seafood and increasing consumption of fish are the key factors driving the aquafeed market growth

 

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Aquafeed Industry trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities analysis in the future
• Historical market size for the year 2021, and forecast from 2023 to 2033
• Aquafeed market share analysis for each segment
• Competitor analysis with a comprehensive insight into its product segment, financial strength, and strategies adopted.
• Identifies key strategies adopted by the key players including new product development, mergers and acquisitions, joint ventures, collaborations, and partnerships.
• To identify and understand the various factors involved in the global Aquafeed market affected by the pandemic
• To provide year-on-year growth from 2022 to 2033
• To provide short-term, long-term, and overall CAGR comparison from 2022 to 2033.
• Provide Total Addressable Market (TAM) for the Global Aquafeed Market.